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Electronic Toll Collection Market to Record an Exponential CAGR by 2024

May 2nd 2019 at 12:26 PM

A toll road, also known as a tollway or turnpike, is a private or public roadway for which a fee is accessed for passage. Frequently, these toll booths cause traffic delays during rush hours for the toll collection process. This is mainly due to manual operations, which are not only more prone to errors, they are also considerably slower than automated methods. This factor has given birth to electronic toll collection system, which swiftly eliminates the manual operations by toll payers and receivers. As several developed and developing economies across the world invest and adopt new technology, the reflection is quite apparent on the adoption of these electronic toll collection systems. Consequently, the global market for electronic toll collection is projected for a double digit growth rate during the forecast period of 2016 to 2024. This report on global electronic toll collection market is a thorough study with in-depth analysis of the factors that are expected to influence the growth rate, positively or negatively, and presents a figurative estimation of the future. One of the key feature of this report is the section on player profiles, wherein it analyses some of the top vendors for their product portfolio and margin, geographical presence, and strategies for future development.

The global electronic toll collection market can be segmented on the basis of products, technology, application, and geography. By product, the market can be divided into cameras, communication systems, transponders, antennae, treadles, scanning devices, inductive loops, weigh-in-motion devices, film storage devices, and other devices. Some of the subsystems of electronic toll collection are automatic vehicle identification (AVI), automatic vehicle classification (AVC), back office and integration, and violation enforcement system (VES). By technology, the market can be divided into dedicated short-range communications (DSRC), radio-frequency identification (RFID), video analytics, global positioning system (GPS), and global navigation satellite system (GNSS). The report observes that DSRC and RFID are currently the most in-demand technologies while GPS and GNSS are anticipated to experience higher growth rate during the forecast period. By application, the market for electronic toll collection can be segmented into highway and urban bridges.

Need to save time is the primary driver for this market. However, the push by several governments for cashless travel facilities is further fueling the demand, especially in India which has a second maximum landscape of toll roads in the world and a vast number of commuters. The need to minimize congestion and fast toll transaction is another factor prompting the adoption. Conversely, factors such as high initial installation cost and the dependency on government approvals is expected to hinder the growth rate. However, the overall market for electronic toll collection is expected to continue demand to meet the requirement for an improved, safe, and secure infrastructure.

Geographically, the report studies the regional markets for electronic toll collection in North America, Europe, Asia Pacific, and rest of the world. Currently, the country-wide markets of U.S., Canada, and Mexico make North America the most lucrative region, though Asia Pacific is too primed for a strong growth rate, owing to increased demand from countries such as India, Singapore, Philippines, Hong Kong, and Malaysia.

Electronic Toll Collection Market to Record an Exponential CAGR by 2024

May 10th 2019 at 10:56 AM

A toll road, also known as a tollway or turnpike, is a private or public roadway for which a fee is accessed for passage. Frequently, these toll booths cause traffic delays during rush hours for the toll collection process. This is mainly due to manual operations, which are not only more prone to errors, they are also considerably slower than automated methods. This factor has given birth to electronic toll collection system, which swiftly eliminates the manual operations by toll payers and receivers. As several developed and developing economies across the world invest and adopt new technology, the reflection is quite apparent on the adoption of these electronic toll collection systems. Consequently, the global market for electronic toll collection is projected for a double digit growth rate during the forecast period of 2016 to 2024. This report on global electronic toll collection market is a thorough study with in-depth analysis of the factors that are expected to influence the growth rate, positively or negatively, and presents a figurative estimation of the future. One of the key feature of this report is the section on player profiles, wherein it analyses some of the top vendors for their product portfolio and margin, geographical presence, and strategies for future development.

The global electronic toll collection market can be segmented on the basis of products, technology, application, and geography. By product, the market can be divided into cameras, communication systems, transponders, antennae, treadles, scanning devices, inductive loops, weigh-in-motion devices, film storage devices, and other devices. Some of the subsystems of electronic toll collection are automatic vehicle identification (AVI), automatic vehicle classification (AVC), back office and integration, and violation enforcement system (VES). By technology, the market can be divided into dedicated short-range communications (DSRC), radio-frequency identification (RFID), video analytics, global positioning system (GPS), and global navigation satellite system (GNSS). The report observes that DSRC and RFID are currently the most in-demand technologies while GPS and GNSS are anticipated to experience higher growth rate during the forecast period. By application, the market for electronic toll collection can be segmented into highway and urban bridges.

Need to save time is the primary driver for this market. However, the push by several governments for cashless travel facilities is further fueling the demand, especially in India which has a second maximum landscape of toll roads in the world and a vast number of commuters. The need to minimize congestion and fast toll transaction is another factor prompting the adoption. Conversely, factors such as high initial installation cost and the dependency on government approvals is expected to hinder the growth rate. However, the overall market for electronic toll collection is expected to continue demand to meet the requirement for an improved, safe, and secure infrastructure.

Geographically, the report studies the regional markets for electronic toll collection in North America, Europe, Asia Pacific, and rest of the world. Currently, the country-wide markets of U.S., Canada, and Mexico make North America the most lucrative region, though Asia Pacific is too primed for a strong growth rate, owing to increased demand from countries such as India, Singapore, Philippines, Hong Kong, and Malaysia.